Global stocks hit record high, India takes breather; ICICI Bank falls 1.8%

Global stocks hit a record high again on Tuesday as the markets shrugged off concerns about rising inflation and looked ahead to US data later in the week that should offer a major clue to the health of the world's biggest economy.

The MSCI World Equity index rose  2.4 points, or 0.34 per cent, to 713.85, marking a new record high. 

Risk markets have eked out gains in recent weeks as traders balance optimism that some key markets are reopening after lockdowns with concern that rising inflation may prompt central banks to rein in stimulus programmes.

Nifty and Sensex slip

Indian shares' recent rally was stalled on Tuesday, as gains in energy stocks, amid optimism from declining daily cases of Covid-19, were offset by losses in materials and financials. 

Halting its four-session rally, the 30-share BSE Sensex ended 2.56 points lower at 51,934.88. Retreating from its lifetime high, the broader NSE Nifty slipped 7.95 points or 0.05 per cent to close at 15,574.85.

ICICI Bank was the top loser in the Sensex pack, shedding 1.80 per cent, followed by UltraTech Cement, Asian Paints, Axis Bank, ITC, Kotak Bank, PowerGrid and Infosys. On the other hand, ONGC topped the gainers' chart with a jump of 3.52 per cent.